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AUDJPY Extends Decline To 1.6% Amid Weakness In Equities

FOREX
  • Risk sentiment across global markets on Tuesday is worsening in late session amid severe pressure on First Republic Bank with shares down as much as 44% in recent trade which has filtered through to major indices.
  • In currency markets, historical safe havens are leading the charge with the USD index rallying 0.55% and the Japanese Yen also in favour.
  • With risk-tied AUD faring the worst in G10, apart from NOK, it is worth noting that AUDJPY losses have reached 1.6% on the session with lower core yields providing an additional JPY tailwind. With today’s sell-off, AUDJPY has unwound the majority of the April bounce and has significantly narrowed the gap with the month’s lows around 87.60.
  • Additionally, EURJPY, after breaching the 2022 highs on Monday and reaching the highest level since late 2014 overnight at 148.62, has completed a near 200 pip reversal with EURUSD sinking back below 1.10 heaping on the pressure. Overall, technical conditions remain bullish for the pair and today’s price action may be allowing an overbought condition to unwind. Initial firm support lies at 145.84, the 20-day EMA.
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